A personal loan is an unsecured loan that doesn’t require any kind of collateral submission. But what makes borrowers think twice about a personal loan is the added interest rate charged on the principal loan amount. However, nowadays with the increasing competition, various online loan platforms provide instant personal loans at an attractive rate of interest.
HeroFinCorp, an instant personal loan product by HeroFinCorp is one such innovative and user-friendly online instant personal
loan app that provides instant loans to suffice your immediate financial needs like wedding expenses, education fees, home renovation costs, medical bills, and much more. Here, you can avail of loans ranging from Rs.50,000 - Rs.1,50,000 instantly at a maximum interest rate of 25%* per annum. Loan tenure ranges between 6 months – 24 months.
What is the interest rate on Rs.1 lakh personal loans?
The rate of interest on a 1 lakh personal loan via the HeroFinCorp app is 25%* per annum. The loan tenure has an inverse relationship with the EMIs amount to be paid.
Let us consider the interest to be paid on an Rs.1 lakh personal loan for a tenure of 1 year.
| Months in a Year | Principal (Rs.)
(A) | Interest (Rs.)
(B) | Total Payment (Rs.)
(A + B) | Balance (Rs.) |
| Jan | 7,421 | 2,083 | 9,504 | 92,579 |
| Feb | 7,576 | 1,929 | 9,504 | 85,003 |
| Mar | 7,734 | 1,771 | 9,504 | 77,270 |
| Apr | 7,895 | 1,610 | 9,504 | 69,375 |
| May | 8,059 | 1,445 | 9,504 | 61,316 |
| Jun | 8,227 | 1,277 | 9,504 | 53,089 |
| Jul | 8,398 | 1,106 | 9,504 | 44,691 |
| Aug | 8,573 | 931 | 9,504 | 36,117 |
| Sep | 8,752 | 752 | 9,504 | 27,365 |
| Oct | 8,934 | 570 | 9,504 | 18,431 |
| Nov | 9,120 | 384 | 9,504 | 9,310 |
| Dec | 9,310 | 194 | 9,504 | 0 |
The total interest to be paid on an Rs.1 lakh personal loan for a period of 1 year is Rs.14,053.
Why Choose HeroFinCorp Personal Loan App?
The HeroFinCorp app gives the borrower instant personal loans with flexible repayment options. One can easily avail of loans up to Rs.1.5 lakhs at low interest-rates. The loan on approval gets directly credited to your bank account within a matter of just 24 hours. A borrower can be assured for the safety and security of their personal credentials on the HeroFinCorp lending platform.
Key Features of HeroFinCorp Instant Loan Online App
- Innovative and user-friendly online lending platform
- Salaried and Self-employed individuals with a minimum monthly salary/income of Rs. 15,000 are eligible to apply for a personal loan
- Borrowers aged between 21 - 58 years are eligible to apply
- Collateral free loan available between Rs.50,000 – Rs. 1,50,000
- Hassle-free online loan application process
- Paperless documentation through online KYC verification
- Instant approval on fulfilment of eligibility criteria
- Loan disbursal within a few hours of approval
HeroFinCorp has a very user-friendly loan application process. One has to just download the app from Google Play Store and get going. The personal loan interest rate offered by HeroFinCorp is one of the lowest in India.
